Anthropic investors are betting the artificial intelligence company could seek a valuation of at least $2 trillion in a potential October stock market debut, a figure that would eclipse SpaceX and make it the largest initial public offering on record, according to a report published Thursday. Six investors in the five-year-old company told the Financial Times that Anthropic's rapidly rising revenue could support more than a doubling of its current valuation. Investors said they expect Anthropic's annualized revenue to reach between $100 billion and $120 billion by the end of 2026, representing more than tenfold growth during the year. “If Anthropic is growing 800% a year, you’d think at the incredibly low end they would trade at 30 times [revenue],” one investor said, adding that would make it a $3 trillion company. Anthropic has no directly comparable publicly listed US AI lab, leaving investors to look to companies such as Palantir and Nebius, which have traded at roughly 55 times revenue this year. The company has not yet set an IPO valuation target, according to several investors. Revenue growth slowed in June amid a temporary US Commerce Department ban affecting its leading models. The company has also faced disputes with the Trump administration and remains in litigation with the US Department of Defense. Anthropic's leading model costs more than two and a half times as much to use as OpenAI's flagship model, while Chinese open-weight alternatives are available at a fraction of the price. Anthropic